Legal Aspects of Business MCQ Questions and Solutions with Explanations

Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Section 7 Section 8 Section 9 Section 10 Section 11

41.
The correct sequence in formation of a contract is:

A. Offer, acceptance, consideration, agreement

B. Offer, Consideration, acceptance, agreement

C. Agreement, consideration, offer, acceptance

D. Offer, acceptance, agreement, consideration

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42.
A company has earned profit prior to its getting Certificate to Commence Business. It should be transferred to:

A. Dividend Equalisation fund

B. General reserve fund

C. Suspense Account

D. Capital Reserve Account

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43.
Every Company shall appoint a fulltime Secretary whose paid-up-capital is not less than

A. Rs. 10 lacs

B. Rs. 25 lacs

C. Rs. 50 lacs

D. Rs. 1 crore

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44.
Which of the following statements are true in context of benefits of GST?

A. GST will help India to create a unified common national market for India, giving a boost to foreign investment and Make in India campaign

B. GST will mitigate the cascading of taxes as Input Tax Credit will be available across goods and services at every stage of supply

C. Harmonization of laws, procedures and rates of tax between Centre and States and across States that helps in cooperative federalism

D. All of the above

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45.
Which of the following is/are true about Bill of Exchange?
1. A bill of exchange requires in its inception two parties.
2. A bill of exchange or 'draft' is a written order by the drawer to the drawee to pay money to the payee.
3. Bills of exchange are used primarily in international trade, and are written orders by one person to his bank to pay the bearer a specific sum on a specific date.
4. Definition of 'Bill of Exchange' is mentioned in Section 6 of the Negotiable Instrument Act.

A. 1 and 4

B. 1, 2 and 4

C. 2 and 3

D. 3 and 4

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46.
Which of the following does not fall under not 'coercion' according to Indian Contract Act, 1872?

A. Coercion involves unlawful detaining or threatening to detain any property

B. The act of coercion may be directed at any person and not necessarily at the other party to the agreement

C. Coercion gives one person an advantage of a position of power over another person

D. The act of coercion must be done with the object of inducing or compelling any person to enter into an agreement

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47.
Special Resolution is not necessary in the case of

A. change of registered office from one State to another

B. change in the name of the company

C. reduction of share capital

D. issue of shares at a discount

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48.
Which of the following documents comes under Doctrine of Constructive Notice?

A. The Prospectus of the company

B. The Certificate of commencement of Business

C. The Memorandum and Articles of Association

D. None of the above

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49.
In the year 2002, the Competition Act was enacted replacing

A. Contract Act

B. Trademark Act

C. MRTP Act

D. Copyright Act

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50.
If there is a default in the circulation of the members resolution the company secretary is imposed a fine according to sec. 188 a fine up to:

A. Rs. 10,000

B. Rs. 30,000

C. Rs. 50,000

D. Rs. 1,00,000

E. Rs. 1,25,000

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Legal Aspects of Business MCQ Questions and Solutions with Explanations | Commerce

41. The correct sequence in formation of a contract is:

Answer & Solution

42. A company has earned profit prior to its getting Certificate to Commence Business. It should be transferred to:

Answer & Solution

43. Every Company shall appoint a fulltime Secretary whose paid-up-capital is not less than

Answer & Solution

44. Which of the following statements are true in context of benefits of GST?

Answer & Solution

Answer & Solution

46. Which of the following does not fall under not 'coercion' according to Indian Contract Act, 1872?

Answer & Solution

47. Special Resolution is not necessary in the case of

Answer & Solution

48. Which of the following documents comes under Doctrine of Constructive Notice?

Answer & Solution

49. In the year 2002, the Competition Act was enacted replacing

Answer & Solution

50. If there is a default in the circulation of the members resolution the company secretary is imposed a fine according to sec. 188 a fine up to:

Answer & Solution

Read More Section(Legal Aspects of Business)

41.
The correct sequence in formation of a contract is:

42.
A company has earned profit prior to its getting Certificate to Commence Business. It should be transferred to:

43.
Every Company shall appoint a fulltime Secretary whose paid-up-capital is not less than

44.
Which of the following statements are true in context of benefits of GST?

46.
Which of the following does not fall under not 'coercion' according to Indian Contract Act, 1872?

47.
Special Resolution is not necessary in the case of

48.
Which of the following documents comes under Doctrine of Constructive Notice?

49.
In the year 2002, the Competition Act was enacted replacing

50.
If there is a default in the circulation of the members resolution the company secretary is imposed a fine according to sec. 188 a fine up to: